NextBillion - An Initiative of the William Davidson Institute at the University of Michigan

Wednesday, September 7, 2016

The government of Rwanda is in final stages to interlink its financial sector, a move that will see the banking, microfinance, pension, insurance as well as capital market linked together.

This move expected to drive Rwanda into a service based economy after 2011 when Rwanda launched the Integrated Payments Processing System-RIPPS working towards linking players in the banking and microfinance sectors.

“Very soon we are planning to publish a paper that is going to put the whole picture together on how the whole financial sector is interconnected” said Amb. Claver Gatete, Minister of finance and Economic planning on Thursday.

The inter linkage helps ease transactions, increases efficiency and access to financial services as well service delivery within the sector that is key in driving the economy expected to leapfrog to service based in 2020.